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Bitcoin

Tesla now has $1.26 billion in bitcoin on its balance sheet.

October 22, 2021 - Around 2 mins mins to read

According to the company’s third-quarter financial release, Tesla now has $1.26 billion in bitcoin on its bank sheet. In the third quarter, the electric vehicle manufacturer announced a $51 million bitcoin-related impairment. Meanwhile, Elon Musk, the CEO of Tesla, posted a joke depicting the price of bitcoin at $69,900 and ether at $4,200.

Tesla, Elon Musk’s electric vehicle firm, issued its third-quarter earnings report on Wednesday. The company’s sales was $13.757 billion, a 57 percent rise over the same time previous year. It stated: “The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit.”

Tesla’s net digital assets were $1.26 billion as of September 30, down from $1.311 billion at the end of the second quarter. In the third quarter, Tesla recorded a $51 million bitcoin-related impairment.

The electricity manufacture form’s cash flow statement still states that the company’s lone BTC purchase and sale occurred in the first quarter, when it purchased $1.5 billion in bitcoin and sold $272 million in BTC.

While Tesla has never announced the number of bitcoins it has, CEO Elon Musk stated in July that it is close to 42K BTC. Bitcoin is now worth $63,053.60 at the time of writing. It exceeded all-time highs on Wednesday, following the launch of the first bitcoin futures exchange-traded fund in the United States (ETF). This implies Tesla’s bitcoin holdings are presently worth around $2.65 billion.

Elon Musk joked about Bitcoin’s price.

Musk tweeted a meme on Wednesday depicting the price of bitcoin at $69,900 and the price of ether at $4,200.

image 2021 10 22 083538
Elon Mush’s Tweet

Musk has long been a supporter of cryptocurrency. He stated in July that, in addition to bitcoin, he held a small amount of ethereum and dogecoin. According to the Tesla executive, “In general, I am a supporter of bitcoin,” noting that the BTC he owned was “worth a lot more than ethereum or doge.”

Musk stated in September that governments should not attempt to manage or regulate cryptocurrencies, emphasizing that authorities should “do nothing” about crypto.

Bitcoin

Tesla now has $1.26 billion in bitcoin on its balance sheet.

According to the company’s third-quarter financial release, Tesla now has $1.26 billion in bitcoin on its bank sheet. In the third quarter, the electric vehicle manufacturer announced a $51 million bitcoin-related impairment. Meanwhile, Elon Musk, the CEO of Tesla, posted a joke depicting the price of bitcoin at $69,900 and ether at $4,200.

Tesla, Elon Musk’s electric vehicle firm, issued its third-quarter earnings report on Wednesday. The company’s sales was $13.757 billion, a 57 percent rise over the same time previous year. It stated: “The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit.”

Tesla’s net digital assets were $1.26 billion as of September 30, down from $1.311 billion at the end of the second quarter. In the third quarter, Tesla recorded a $51 million bitcoin-related impairment.

The electricity manufacture form’s cash flow statement still states that the company’s lone BTC purchase and sale occurred in the first quarter, when it purchased $1.5 billion in bitcoin and sold $272 million in BTC.

While Tesla has never announced the number of bitcoins it has, CEO Elon Musk stated in July that it is close to 42K BTC. Bitcoin is now worth $63,053.60 at the time of writing. It exceeded all-time highs on Wednesday, following the launch of the first bitcoin futures exchange-traded fund in the United States (ETF). This implies Tesla’s bitcoin holdings are presently worth around $2.65 billion.

Elon Musk joked about Bitcoin’s price.

Musk tweeted a meme on Wednesday depicting the price of bitcoin at $69,900 and the price of ether at $4,200.

image 2021 10 22 083538
Elon Mush’s Tweet

Musk has long been a supporter of cryptocurrency. He stated in July that, in addition to bitcoin, he held a small amount of ethereum and dogecoin. According to the Tesla executive, “In general, I am a supporter of bitcoin,” noting that the BTC he owned was “worth a lot more than ethereum or doge.”

Musk stated in September that governments should not attempt to manage or regulate cryptocurrencies, emphasizing that authorities should “do nothing” about crypto.

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